TotalEnergies Sells 10% Interest in Onshore Nigerian Assets
TotalEnergies has signed an agreement to sell its 10% non-operated stake in the Nigerian onshore oil asset SPDC, renamed as Renaissance JV, to Vaaris, an official statement said.
On Wednesday, TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta.
Under the agreement signed with Vaaris TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil.
Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025. TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77).
Meanwhile TotalEnergies said it will retain full economic interest in these licenses which currently account for 50% of Nigeria LNG gas supply. The deal is noted to be subject to customary conditions, including regulatory approvals.
Last year, Nigerian regulators blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.
SPDC has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.
In 2025, Shell sold its 30% stake in SPDC to a consortium of five mostly local companies for up to $2.4 billion. The Nigerian National Petroleum Corporation (NNPC) holds 55% of the joint venture, while Italy’s Eni has 5%. Daily FX Update: Naira Falls to N1,495 in Parallel Market
